Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.5%), Nasdaq Composite (+2.0%), and DJIA (+1.3%) have recouped a nice chunk of Friday's losses as remarks from President Trump have eased fears around escalating trade tensions between the U.S. and China. 

The rebound in sentiment has resulted in a broad-based advance so far, with Friday's underperformers driving today's index-level gains. 

Among those names are stocks within the information technology sector (+2.1%), and in particular, chipmakers. Broadcom (AVGO 356.71, +32.08, +9.88%) is a top performer after announcing a collaboration with OpenAI, contributing to a 4.4% gain in the PHLX Semiconductor Index. 

The consumer discretionary (+1.8%) and communication services (+1.5%) sectors are also on the rise due to their mega-cap components, pushing the Vanguard Mega Cap Growth ETF 1.8% higher. 

Elsewhere, the materials sector (+1.9%) mounts a solid advance, the financials sector (+1.0%) ticks higher ahead of major banks' earnings reports, and the energy sector (+1.0%) sees a rebound in the price of oil. 

Only the consumer staples sector (-0.7%), which traded higher on Friday, has moved lower today.

Outside of the S&P 500, smaller-cap names have outperformed so far. The Russell 2000 is up 2.1%, and the S&P Mid Cap 400 is up 1.7%. 

Advancers outpace decliners by a roughly 4-to-1 ratio on the NYSE and a greater than 2-to-1 ratio on the Nasdaq.